Smart Debt : Borrow Wisely, Live Rich,9781932531749

Smart Debt : Borrow Wisely, Live Rich

by
Edition: 1st
ISBN13: 9781932531749
ISBN10: 1932531742
Format: Paperback
Pub. Date: 2006-10-18
Publisher(s): Entrepreneur Press
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Summary

How the Rich Get Richer If you're like most Americans, debt is a way of life. So what separates the rich from the poor? The wealthy use debt to improve their financial situation-we call that "Smart Debt"-and the poor use debt for instant gratification and just keep getting deeper in the hole. Smart Debt is getting the best interest rate, budgeting the right amount of your income to pay off debt, and borrowing only what you can afford. Smart Debt puts your money to work for you. In this book, you'll discover money-saving strategies for every type of debt: Mortgages Education loans Auto loans Business loans Credit cards And more We'll transform the way you look at debt and let you in on the best-kept secret of America's wealthy: how to borrow money to make money.

Author Biography

Faye Kathryn Doria has 25 years of experience as a certified financial planner.

Cheryl Kimball is a writer with plenty of debt experience, including car loans, mortgages, and credit cards. They cowrote The Everything Get Out of Debt Book.

Table of Contents

Introduction ix
1. Understanding Your Current Financial Situation
1(17)
What Is Debt?
2(2)
Types of Debt
4(1)
"Smart Debt" vs. Bad Debt
5(2)
Determining Your Current Financial Situation
7(9)
Your Financial Goals
16(2)
2. Your Current Credit Situation
18(23)
What Is a Credit Score?
19(2)
How Your Credit Score Is Calculated
21(1)
Credit Score and FICO Score: What's the Difference?
22(4)
You Have Your Credit Report—Now What?
26(7)
Your Actions Impact Your Creditworthiness
33(7)
Applying Smart-Debt Principles
40(1)
3. Smart Debt Principles and Mortgages
41(28)
Finding the Right Broker or Lender
42(4)
Choose the Right Mortgage Product to Meet Your Needs
46(4)
Common Types of Mortgages
50(12)
Refinancing 101
62(7)
4. Smart Debt Principles and Second Mortgages, Home Equity Loans, and Home Equity Lines of Credit
69(11)
Methods of Cashing out on the Equity in Your Home
70(2)
Decisions in Choosing a Loan or a Line of Credit
72(2)
Second Mortgage: Is It Right for You?
74(1)
Home Equity Loans: The Pros and Cons
75(1)
A Home Equity Line of Credit: Cash When You Need It
76(2)
Always Be Responsible with Your Spending
78(2)
5. Applying Smart-Debt Principles to Auto Financing and Leases
80(13)
Applying Smart-Debt Principles to Buying or Leasing
81(3)
Same Car, Same Dealer, Different Price—Go Figure!?
84(1)
Financing Options
85(4)
Completing a Loan Application
89(1)
Leasing a Vehicle
90(1)
Other Car Considerations
91(2)
6. Credit Card Smart Debt Strategies
93(24)
What to Consider Before Using a Credit Card
94(1)
What Are Credit Cards?
95(4)
Using Credit Cards According to Smart-Debt Principles
99(6)
Managing Your Credit Card Accounts
105(4)
Two More Strategies for Managing Your Credit Cards
109(3)
What to Do if Your Credit Cards Get Lost or Stolen
112(2)
Protecting Yourself from Identity Theft
114(3)
7. Smart Debt 101 and Your Student Loans
117(10)
Repaying Student Loans
118(1)
Taking on New Student Loans
119(3)
An Introduction to Student Loans
122(3)
Advice for the Student
125(2)
8. Managing Your Money Using Smart-Debt Principles
127(18)
Create a Budget and Stick to It
129(6)
Reduce Your Banking Fees
135(1)
Types of Bank Accounts
136(5)
Payday Lending Is Not Smart Debt!
141(1)
Cut Everyday Expenses
142(2)
Develop an Emergency Fund
144(1)
9. Getting the Help You Need to Fix Your Credit and Debt Problems
145(12)
Money Management Problems? A CPA or CFP Can Probably Help!
147(1)
Strategies for Finding a Qualified Financial Planner
148(1)
Credit Counselors Are Available to Help You
149(4)
Beware of Scams
153(1)
Debt Consolidation
154(1)
Seek Out the Help You Need
155(2)
10. Improving Your Income and Planning for Your Financial Future 157(14)
Finding a Job That's Right for You
159(1)
Defining Your Skills
160(2)
Your Previous Work Experience
162(1)
Defining Your Interests
162(1)
Always Look for Career Advancement Opportunities
163(1)
Make Sure You're Earning What You're Worth
164(1)
Remember: Benefits Are Worth Money Too
165(1)
Where to Find the Best Job Opportunities
165(3)
Improve Your Skills
168(1)
The Smart-Debt Principles Are a Way of Life
168(3)
Glossary 171(12)
Index 183

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